Verizon (VZ.US) is being sued by retirees due to the sale of pensions to Prudential (PRU.US).

Telecom company Verizon Communications (VZ.US) has been sued by retirees, accusing the company of trying to transfer its responsibilities to an insurance company, including a subsidiary of Prudential Financial (PRU.US), thereby jeopardizing employees' pensions. According to a complaint filed recently in the U.S. District Court for the Southern District of New York, Verizon allegedly failed to fulfill its fiduciary duties to retirees and did not comply with the Trade with the insurance company. The lawsuit claims that the opaque transactions with the subsidiary put the financial security of pension recipients at risk. The lawsuit states that this transaction affects 0.056 million people.

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